Principles of accounting measurement are underpinned by the FASB conceptual framework.
What does accounting's measurement rule entail?Money measurement stipulates that accounting transactions must be described in monetary terms in order to be documented, i.e., the accounting transactions must involve quantitative data rather than qualitative data.
Which are the two accounting measurement foundations?The two main techniques for keeping track of revenue and costs in accounting are the cash foundation EU VAT language cash accountancy and the accrual basis. Both can be applied to a variety of situations, including the financial records of a whole nation, a huge firm, a small business, or a person.
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the purpose of an income statement is to: multiple choice question. summarize the profit-generating activities that occurred during a particular reporting period report the risk involved in operating the business for the reporting period report the cash inflows and cash outflows for the period report assets, liabilities, and stockholders' equity for the period
The purpose of an income statement is to A. summarize the profit-generating activities that occurred during a particular reporting period.
An income statement is a financial statement that shows the income and expenses of a company. It also displays if a corporation is profitable or losing money over a given time period. The income statement, along with the balance sheet and cash flow statement, assists you in understanding your company's financial health.
The income statement is also known as a profit and loss statement, statement of operations, financial result or income statement, or earnings statement.
A profit and loss statement assists business leaders in determining if they can produce profit by increasing sales, cutting expenditures, or both. It also demonstrates the efficiency of the strategies established by the company at the start of a fiscal term.
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a pet rescue center is creating a monthly food budget. the center currently has two-thirds as many dogs as cats. each animal is fed cans of food . dog food costs per can, while cat food costs per can. the rescue center has budgeted a total of for food for this . how many dogs are at the rescue center?
In linear equation, 8 dogs are at the rescue center .
What in mathematics is a linear equation?
A linear equation is a first-order (linear) term plus a constant in the algebraic form y=mx+b, where m is the slope and b is the y-intercept.
The variables in the previous sentence, y and x, are referred to as a "linear equation with two variables" at times.
No . Of dogs at centre = 2/3 x
No .of cats centre =x
Each animal = 2 comper days
Dod food costs =$0.68 ( can 30days )
= (30×0.68)
= $20.4 (monthly cost for dog food)
2/3x + x = 20.4
3x + 3x = (20.4)3
5x = 61.2
x = 61.2/5
x = 12 (cats )
dogs
= 2/3 * 12
= 8
Dogs at rescue center.
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hudson travels 1,350 miles in a jet and then 300 miles by car to get to a business meeting. the jet goes 375 mph faster than the rate of the car, and the car ride takes 1 hour longer than the jet. what is the speed, in miles per hour, of the car?
The speed of the car is 60 miles per hour.
What is speed?The speed of a change in an object's location in any direction. Speed is defined as the ratio of distance to the amount of time it took to cover that distance. Due to its lack of magnitude and merely having a direction, speed is a scalar number. Speed is defined as the rate at which a distance changes over time. It has a distance by time dimension. The basic unit of distance with the basic unit of time are combined to form the SI unit of speed. The metric system uses meters per second as the unit of speed.Given, Hudson travels 1080 miles in a jet and then 240 miles by car to get to a business meeting.
Distance travelled in plane = 1080 miles
Distance travelled in car = 240 miles
The jet goes 300 mph faster than the rate of the car
Let the speed of plane be x and speed of car be y
x = 300 + y
y = x - 300 → (1)
And the car ride takes 1 hour longer then the jet.
Let the time taken by plane be m and time taken by car be n.
Then, n = 1 + m → (2)
We know that, distance traveled = speed time taken.
Now for plane, 1080 = x × m
xm = 1080 → (3)
Now for car, 240 =
240 = (x – 300)(1 + m)
240 = x(1 + m) – 300( 1 + m)
240 = x + xm – 300 – 300m
x + xm – 300m – 300 – 240 = 0
x + 1080 – 300m – 540 = 0 [by using xm value in (3)
x – 300m + 540 = 0
[tex]$x-300 \times \frac{1080}{x}+540=0$[/tex] [by using xm value in (3)]
[tex]& x^2-300 \times 1080+540 x=0 \\[/tex]
[tex]& x^2+540 x-300 \times 3 \times 360=0 \\[/tex]
[tex]& x^2-(360-900) x-900 \times 360=0[/tex]
Now, by comparing the above equation with general quadratic equation
[tex]$$x^2-(a+b) x+a b=0$$[/tex]
We can say that, a = 360 and b = -900
As speed cannot be negative, let us ignore b
So, x = 360.
Substitute x value in (1)
y = 360 – 300 = 60
hence, the speed of the car is 60 miles per hour.
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_____ is the intervention phase of the OD process.
Treatment
Evaluation
Rationalization
Ratiocination
Diagnosis
The intervention step of the OD process which involves diagnosis.
They can be used to influence how a person, such as a manager, communicates with workers or even how employees communicate with one another. They may be used to change unproductive behaviours, form productive habits, and boost general self-esteem. Group interventions investigate how groups are established and how they work to achieve their objectives. Interventions may involve team building skills to modify group dynamics or evaluating and addressing intergroup communication. These interventions may also be directed at big groups, such as management, employees, and stakeholders.
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the owner of a neighborhood hardware store has decided to sell a set of three padlocks for $5. he hopes the below-cost price for the locks will attract current and new customers who will also buy regularly priced items. the owner is encouraging store patronage through:
owner is encouraging store patronage through leader pricing who attract current and new customers .
What sort of pricing is a leader?A unique pricing technique used to draw clients is called leader pricing. The main tool employed in the strategy is lowering price points and cutting profit margins in order to launch brands and increase interest in the operation or manufacture of a specific product. A well-known corporation that used a loss leader pricing approach in its business model is Gillette. Years ago, Gillette used an innovative marketing technique to dominate the razor blade market by offering their mechanical razors for a significant discount to attract new customers.
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why is each of the following good legal advice? a. when using independent contractors, firms must be prepared to relinquish most of their control over how work is done. b. firms should closely review the status of long-term independent contractors and not assign new projects to them without renewing agreements. c. independent contractor agreements should be used, but only when they document actual independent contractor relationships. d. be particularly cautious about changing the status of workers from employees to contingent workers or having workers with different statuses perform the same work for long periods of time. e. client companies should refrain from closely supervising agency temporary workers or selecting individual temp workers for hiring or firing.
Independent contractors are self-employed individuals or businesses that provide services to other companies or organizations on a contract basis.
Who are Independent contractors ?They are not considered employees of the company they are providing services to and are not entitled to the same benefits and protections as regular employees. Independent contractors are responsible for their own taxes, insurance, and other business expenses. They typically have more control over their work schedule and methods, and are paid on a project or task basis rather than receiving a regular salary or hourly wage. They usually have their own equipment and tools to perform their work. They have the ability to work with multiple clients and are not bound to work exclusively for one company.
According to question:-
a. When using independent contractors, firms must be prepared to relinquish most of their control over how work is done because independent contractors are considered self-employed and are responsible for their own work methods and schedule.
b. Firms should closely review the status of long-term independent contractors and not assign new projects to them without renewing agreements because the more control a firm has over a worker, the more likely it is that the worker is considered an employee rather than an independent contractor.
c. Independent contractor agreements should be used, but only when they document actual independent contractor relationships because misclassifying employees as independent contractors can lead to legal and financial penalties for the firm.
d. Be particularly cautious about changing the status of workers from employees to contingent workers or having workers with different statuses perform the same work for long periods of time because it can be seen as an attempt to avoid providing employee benefits and can lead to legal issues.
e. Client companies should refrain from closely supervising agency temporary workers or selecting individual temp workers for hiring or firing because it can be seen as an attempt to control the worker, which can make the worker considered an employee rather than a temporary worker, and can lead to legal issues.
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cost pools are used with: plantwide ratesdepartment rates a.yesno b.noyes c.nono d.yesyes multiple choice option a. option b. option c. option d.
Cost pools are applied to departmental and plant-wide rates. The right answer is D.
What are the purposes of cost pools?Cost pools represent the total amount of cash spent on a certain "activity," such as manufacturing or customer service. Instead of dividing the overhead expenses evenly among all departments, activity-based costing uses cost pools to precisely track where money is spent.
What does an insurance cost pool mean?The notion of insurance is based on the sharing of risk. A group of people whose medical expenses are pooled in order to determine premiums constitutes a medical insurance risk pool.
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you have been assigned as the project manager during the initiation phase of a project that is being performed for your organization. you have been asked to define the business and compliance requirements that are to be included in the initiation documentation of the project. which statement best represents the criteria that you should meet when defining requirements?
In the given case-
Requirements need to meet customer expectations
The process of organizing a team's efforts to complete a project within its constraints is known as project management. In project documentation that is created at the start of the development process, this information is typically described. Budget, time, and scope are the main restrictions.The project manager is responsible for overseeing every aspect of the project, including its scope, team management, and resources allocated to it.Planning, obtaining, carrying out the project, and finishing a project these are all tasks that a project manager is in charge of.To know more about project manager here
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Having segmented its broad product-market, Martinez Corp. has decided to treat its two chosen submarkets as separate target markets, with each requiring different marketing mixes. Which of the following approaches to developing market-oriented strategies is Martinez Corp. applying in this scenario
Has decided to treat its two chosensubmarkets as separate target markets, with each requiring different marketing mixes. Which of thefollowing approaches to developing market-oriented strategies is Martinez Corp. applying in thisscenario
What is the example of decided?
She decided to do a secretarial course. He has decided that he doesn't want to embarrass the movement and will therefore step down. The house needed totally rebuilding, so we decided against buying it. I had a cold and couldn't decide whether to go to work or not.
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caleb has some money set aside. he has not contributed to his account for a few months, but when he stopped contributing he had $10,000 in the account. a few months later, his account balance is only $7,800 and he has not spent any of the money. this is most likely because his money is
According to the question, this is most likely because his money is invested in the stock market.
Why is the stock market important?On stock markets, businesses can engage in open trading and money raising. Stock exchanges encourage investment. Abstract An efficient stock market distributes money effectively and gives emerging, productive businesses with enough funding, which in turn fosters competition and innovation and, eventually, supports economic growth.
What makes the stock market so crucial?Business expansion through hiring, investments, and expansion is made possible by markets. They provide money to the government to help in financing the development of new roads, schools, and hospitals.
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In the world of career training what are values?
In the world of career training, the values are the beliefs about what is or is not important. Thus option (B) is correct.
What are values?
The values are the fundamental beliefs that helps a person as a guide in taking actions and keeps him motivated in life.
So the values or beliefs of a person always helps him in taking the proper path. It helps as a motivating factor in taking the correct decision. In the career of a person, the values help him in deciding that what is right or what will be wrong for him.
In the world of career training, the values are the beliefs about what is or is not important. Therefore, option (B) is correct.
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points on the production possibilities frontier are a. efficient. b. inefficient. c. unattainable. d. normative. e. none of the above.
Points on the production possibilities frontier are efficient. Option a is correct.
What is the Production Possibilities Curve?Known by the acronym CPP, this is a model capable of helping a company to identify the opportunity costs of producing two goods, being an advantageous method for analyzing production costs and shortages.
Therefore, when the points are on the production possibilities frontier, they are considered efficient, if they were beyond the frontier, they would be considered unattainable.
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insurance which covers the owners or managers of a business; owners of a business are usually required to have life insurance before they qualify for a loanLife InsuranceLiability InsuranceProperty InsuranceInsurance Policy
The concept here is Insurance, it is a path on how a person can manage his risk. The answer is business liability insurance.
When you buy insurance, you buy protection against unexpected financial losses. The insurance company will pay you, or someone you choose, if something bad happens to you.
If you don't have insurance and an accident happens, you could be held liable for any costs involved. It includes the management of cash flow uncertainties. The insurance guarantees compensation for the damage covered by the insurance, should it occur. States generally do not require companies to have liability insurance.
But even if it's not mandatory, it's worth it. Small businesses can benefit from this insurance as it helps protect against risks that may arise during normal operations.
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As the business cycle moves through its phases, it must pass through a low point. Which of the following is the correct term for this low point?Select the correct answer below:a.trade deficitb.peakc.troughd.trade surplus
The correct term for the low point of the business cycle is trough. Thus Option C is the answer.
The business cycle is the fluctuation of economic activity, such as employment and GDP, that occurs over time. The cycle is typically divided into four phases: expansion, peak, contraction, and trough.
During the expansion phase, economic activity is increasing, while during the contraction phase, it is decreasing. The peak is the point of highest economic activity, while the trough is the point of lowest economic activity.
The trough is often referred to as a recession, a period of time when the economy is in a state of decline. A trade deficit is when a country imports more goods and services than it exports, while a trade surplus is when a country exports more goods and services than it imports. These terms are related to balance of trade and not related to the phases of business cycle.
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Jill, in good faith and for value, gets from Kiley a negotiable bearer instrument. Jill does not know that Kiley stole the instrument. Jill is an HDC. not an HDC, because Kiley did not acquire the instrument for value. not an HDC, because Kiley did not acquire the instrument in good faith. not an HDC, because Kiley transferred the instrument without notice.
Jill purchases a negotiable bearer instrument from Kiley in good faith and for value. Good faith is commonly described as honesty in a person's actions during the transaction. Kiley stole the instrument, but Jill is unaware of this. Kiley did not purchase the instrument for value, hence Jill is not an HDC.
You need go no further than your own business operations for an illustration of a good faith exception. You are acting in good faith if you are being honest and ethical with the people you have contracts with and they are honouring their commitments to you.
When the bearer of an instrument payable to his order transfers it for money without endorsing it, the transferee receives the same title that the transferor did and also gains the right to the transferor's endorsement.
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the economy is sluggish, with low productivity and high unemployment, the fiscal policy action on the demand side would be to select one: a. increase taxes. b. cut business taxes. c. increase government spending. d. decrease government spending. e. none of these answers is correct.
The economy is sluggish, with low productivity and high unemployment, the fiscal policy action on the demand side would be to increase government spending.Hence, option (c) is correct.
Give a brief account on fiscal policy.Governments can affect the economy by using fiscal policy measures. Changes in tax rates and government spending make up the majority of these. Taxes are reduced and spending is increased to boost economic growth. This frequently includes borrowing by issuing public debt. Taxes may be increased and spending cut backs implemented to cool down an overheated economy. The executive and legislative branches of government in the United States work together to determine budgetary policy. Although modern presidents frequently rely on a Council of Economic Advisers as well, the President and the Secretary of the Treasury hold the two most powerful positions in the executive branch in this regard.
The U.S. Congress exercises its power of the purse to enact legislation, levy taxes, and appropriate funds for any fiscal policy actions. Both the House of Representatives and the Senate must participate in, consider, and approve this procedure.
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Some economists believe that the US. economy as a whole can be modeled with the following production function, called the Cobb-Douglas production function: Y=AK^1/3 L^2/3
where Y is the amount of output K is the amount of capital, L is the amount of labor, and A is a parameter that measures the state of technology. For this production function, the marginal product of labor is MPL = (2/3) A(K/L)^1/3. Suppose that the price of output P is 2, A is 3, K is 1,000,000, and L is 1/100. The labor market is competitive, so labor is paid the value of its marginal product.
a. Calculate the amount of output produced Y and the dollar value of output PY.
b. Calculate the wage W and the real wage W/P. (Note: The wage is labor compensation measured in dollars, whereas the real wage is labor compensation measured in units of output)
The output's monetary value, PY = P * Y, or 29317 * 2 = $58634, The wage W and the real wage W/P are equal to real wage = W/P = 40/2 = $20. Unlike the actual wage, which is determined by measuring worker remuneration in units of
What is an example of a marginal product?With their existing manufacturing inputs, a fledgling company is now able to produce 2,000 units each month. They acquire a $100,000 investment after a successful pitch to investors, enabling them to boost manufacturing to 8,000 units per month.
Are prices marginal goods?The marginal physical product must be multiplied by either the average revenue or the product's price to get the value of the marginal product. More specifically, the VMP calculation formula is as follows: physical object
a) output produced, Y = 3 * (1,000,000)0.33 (1000)0.67
Y = 3 * 95.499* 102.329 Y = 29316.9515 = 29317 units (approx.).
PY = P * Y = 29317 * 2 = $58634
b) The dollar value of output, PY = P * Y = 29317 * 2 = $58634
MPL = (2/3) A(K/L)1/3 = (2/3) * 3 * (1,000,000/1000)1/3 = 20
Wage W = P* MPL = 2*20 = $40
Real wage = W/P = 40/2 = $20
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since there is no such thing in new york as a promulgated listing agreement form, what is the best practice for a broker who is entering into an agency agreement with a seller?
The best practice for a broker who is entering into an agency agreement with a seller is to Use a listing agreement that is created or approved by an attorney
What is a listing agreement?An agreement that gives a real estate agent in California permission to sell a client's property is known as a listing agreement. The contract gives them the ability to list the property while, in most situations, giving them exclusivity over the real estate transaction and any prospective commissions. A listing agreement is a contract of employment between a real estate broker and a property owner. It enables the broker to represent the seller as a listing agent and locate a buyer who will purchase the property under their terms. In essence, a listing agreement authorizes your real estate agent to find a buyer for your house.To learn more about listing agreement refer to:
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explore the impact of innovation in today's business and social spaces, then consider the following questions: what is the relationship between innovation and business competition? what is the relationship between innovation and human interaction? what is the relationship between these two spaces? discuss your thoughts on these questions supporting your ideas with references from relevant articles in the news media and/or the web
The importance of innovation in affecting organizational performance is well acknowledged. Many businesses aspire for revenue growth through various sorts of innovation. However, research shows that the impact of innovation on firm performance differs depending on the type of inventive organization.
What link exists between business and innovation?Businesses that desire to develop the newest innovation to hit the market are those that are in rivalry with one another. A PwC survey found that 80% of CEOs believe innovation boosts productivity and offers companies a competitive edge. "Competition is frequently a catalyst for innovation.
What relationship does there exist between innovation and human interaction?Actually, thanks to increasingly practical and affordable non-human replacements, the need for human-to-human interactions has greatly decreased.
How does technology and human interaction interact?Technology has improved society by uniting individuals in a variety of ways by making it simple for us to connect with one another with only a few clicks of a button. People now have the choice to work from home, travel while employed, and keep in touch with their peers on a daily basis despite being physically located in a different state or nation.
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g president roosevelt announces that federal reserve banks will lend money to banks against good assets. this is an example of central bank acting as a lender of last resort. true false
If the Fed wants to encourage banks to loan out more of their money, it may reduce the discount rate, making it easier or cheaper for banks to borrow money if their reserves fall too low.
How can the Federal Reserve encourage banks to lend out more of their reserves?Banks lend more money when the discount rate is lower, which expands the money supply. Central banks serve as the lender of last resort in cases like that. Because they are largely in charge of making sure that financial markets run smoothly and the financial system is stable, central banks have traditionally played this role. A lender of last resort (LoR) is an organisation that provides loans to banks or other suitable institutions that are having financial difficulties, are deemed to be highly hazardous, or are in danger of failing. Typically, this institution is a nation's central bank. are largely in charge of making sure that the financial system is stable and that financial markets run smoothly.To learn more about Federal Reserve refer to:
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the most likely clause to be invoked by a mortgagee in case the mortgagor becomes seriously in arrears in mortgage payments is a) the exculpatory clause. b) the acceleration clause. c) the penalty clause. d) the cognovit clause.
The most likely clause to be invoked by a mortgagee in case the mortgagor becomes seriously in arrears in mortgage payments is the acceleration clause.
What does a mortgage acceleration clause mean?An acceleration clause is a feature in your mortgage that permits your lender to quicken the pace at which you must make payments on your loan. The condition may also permit your lender to demand the immediate and complete repayment of your mortgage.clause that alienates. This provision gives the lender the right to request the full amount owed when the property changes ownership or, in some situations, when possession changes.When a borrower sells or transfers their house, the alienation clause in their mortgage contract provides the mortgage lender the right to demand prompt and complete repayment of the debt, including principle and interest.
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your grandfather invested $1,000 in a stock 50 years ago. currently, the value of his account is $324,000. what is his geometric return over this period? (do not round intermediate calculations. enter your answer as a percent rounded to 2 decimal places.)
Over this time, his geometric return is 5.48.
What in finance is a geometric return?The average rate od return on an investment compounded over a number of periods can be determined using the hyperbolic average return formula. In other words, the geometric average profit accounts for compound interest throughout the course of the number of periods.
How can I calculate a stock's geometric return?By multiplying n components and then computing the nth -root, one can calculate the geometric mean, which represents the average value of an investment. In other words, it is a metric used to assess the performance of a particular property or an investment strategy.
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qs 15-8 predetermined overhead rate lo p3 at the beginning of a year, a company predicts total direct materials costs of $1,010,000 and total overhead costs of $1,280,000. if the company uses direct materials costs as its activity base to apply overhead, what is the predetermined overhead rate it should use during the year?
For every dollar the company spends on direct materials, he incurs an overhead of $1.30.
Manufacturing costs are usually divided into direct costs and indirect costs or indirect costs. Overhead costs are usually given as a function of direct costs (wages, machine hours, materials, etc.).
Default overhead rate
= $1,170,000/$900,000
= 1.3
This means that for every dollar the company spends on direct materials, he incurs an overhead of $1.30.
The default overhead rate can be calculated by dividing the manufacturing overhead cost by the performance factor. For example, if the activity factor is machine hours, divide the overhead cost by the estimated number of machine hours.
The default overhead rate is the allocation rate used to apply the estimated cost of manufacturing overhead to a cost object for a particular reporting period. Many costs are considered indirect costs, such as rent, utilities, depreciation, and labor costs. An overhead rate, or prescribed overhead rate, is a formula that assigns a certain amount of manufacturing overhead to each direct labor or machine hour. This set helps companies allocate resources and set prices.
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what should you keep in mind when examining an income statement? multiple select question. time and costs asset composition cash versus noncash items gaap
When examining an income statement, it is important to keep in mind the time period covered by the statement, the costs associated with generating income, the composition of income-generating assets, the differences between cash and non-cash items, and the generally accepted accounting principles (GAAP) used to prepare statement.
It is also important to consider any extraordinary items that are included in the income statement and to be aware of any changes in the accounting methods used to prepare the statement. By being aware of all these factors, you can better understand the income statement and be better prepared to make informed decisions about the company's financial performance.
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When is the earliest date that the stock can be sold regular way and still allow the customer to receive the $.90 dividend payable Jan 30th, 2021
April 18th, The ex-dividend date for the April 30th dividend is April 18th. If the stock is sold before this date, the new buyer will be on record to receive the dividend.
If you sell your shares before to the ex-dividend date, also known as the ex-date, you will not receive a dividend from the corporation. The ex-dividend date is the day when the stock begins trading without the value of the forthcoming dividend factored in since owners are no longer entitled to the impending dividend payment.The ex-dividend date is thus the date set by the corporation as the first day of trading on which the shares trade without the right to the dividend. However, if you sell your shares on or after this date, you will still get the dividend. However, if you sell your shares before the ex-date, you will not be eligible for those dividends.
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an individual with a high need for would be most likely to place a premium on products and services that signify success. question 4 options: a) uniqueness b) control c) affiliation d) esteem
An individual with a high need for esteem would be most likely to place a premium on products and services that signify success. Hence, the correct option is (D).
What Is Employee Motivation?Motivation is a very important element in a company where motivation is something that encourages someone to increase their productivity to complete the company's work plans and fulfill their responsibilities. Each workforce can have its own characteristics and each workforce can have triggers that can increase motivation. When the motivation of a worker is to want achievement or esteem, then he will place a premium on products and services that signify success.
The question is incomplete, but most probably your question was:
An individual with a high need for ______ would be most likely to place a premium on products and services that signify success.
A. Uniqueness
B. Control
C. Affiliation
D. Esteem
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a parent decides to spin off a subsidiary and deconsolidates it through a nonreciprocal transfer to owners. how shall the parent account for and report the transaction?
A parent chooses to deconsolidate a subsidiary through a nonreciprocal transfer to owners and spin off the business. The parent records the transaction and reports it as a non-monetary transaction.
When a parent loses power of a subsidiary, does the investor still own a portion of it?If a parent [IFRS 10:25]: no longer has control over a former subsidiary, the parent derecognizes the assets and liabilities of the former subsidiary from the consolidated statement of financial position.
What kind of transaction is considered nonmonetary in financial reporting?A nonmonetary transaction is one in which goods or services are traded without money changing hands. Non-cash transactions include bartering and exchanges of goods and services in kind. These transactions may be unidirectional (when nothing is provided in return) or reciprocal (something traded in return).
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a manufacturer of coffee makes recalled all of its products after learning that nearly 50 people had been injured after the glass carafes shattered when hot coffee was allowed to sit in it. these people planned to bring a lawsuit against the manufacturer. that lawsuit would be based on
That claim would be based on product liability.
How does production operation?Manufacturing is the creation or production of goods using resources including equipment, labor, tools, chemicals, or biological formulas. It serves as the secondary sector of the economy's hub. The expression can be used to represent a range of human endeavors, from handicraft to high-tech, but it is most usually associated with industrial design, which requires the extensive transformation of raw materials from the primary sector into finished goods. Such goods may be supplied through the tertiary sector to final users and clients or sold to other producers for the development of additional, more complex goods (such as automobiles, household appliances, furniture, or sports equipment).
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On March 2, Sandhill Company sold $846,000 of merchandise on account to Indigo Company, terms 3/10, n/30. The cost of the merchandise sold was $530,000.
The following journal entries should be made to reflect the transactions:
According to the question, Debit Accounts Receivable= $853,600; Credit Sales Revenue=$853,600.
Describe a journal entry.A journal is really a book where all of a business's transactions are initially documented. Journalising is the process of entering transactions into a journal. Each transaction has two effects on the accounts: one debit and one credit.
March 2 entries in a journal
Debit Accounts Receivable = $853,600
Credit Sales Revenue= $853,600
March 2
Debit Cost of Goods Sold= $540,300
Credit Inventory= $540,300
March 6
Debit Sales Returns and Allowances= $114,200
Credit Accounts Receivable= $114,200
March 6
Debit Inventory= $68,200
Credit Cost of Goods Sold= $68,200
March 12
Debit Cash $717,218
=($739,400 - $22,182)
Debit Sales Discounts $22,182
=($739,000 × 3%)
Credit Accounts Receivable $739,400
=($853,600 - $114,200)
In conclusion, the following journal entries should be made to reflect the specified transactions:
Debit Accounts Receivable= $853,600;
Credit Sales Revenue= $853,600.
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japes city issued $1,000,000 general obligation bonds at 101 to build a new city hall. as part of the bond issue, the city also paid a $500 underwriter fee and $2,000 in debt issue costs. what amount should japes city report as other financing sources?
The amount that Japes city should report as other financing sources is $1,010,000.
What is financing?Providing capital for business endeavors, purchases, or investments is the process of financing. Financial institutions like banks are in the business of providing capital to enable consumers, companies, and investors achieve their goals. In other words, financing is a strategy that makes use of the temporal value of money (TVM) to employ projected future cash flows for activities that have already been started. The fact that some people in an economy will have spare money they want to invest in order to earn returns while others need it in order to make investments is another advantage of financing in order to create a market for money. Debt finance and equity financing are the two main ways that firms can raise money.
Amount= $1,000,000+(500*20) = $1,010,000
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